Over the past weekend, speculation about a possible investment by Qatar in Bitcoin (BTC) has gained momentum. Rumors suggest that the country may have added the digital asset to its reserves. This speculation was given credence by a post on X (formerly Twitter) from Skybridge Capital founder Anthony Scaramucci, hinting at Qatar’s involvement. As the rumor mill churns, the Bitcoin price has witnessed a dramatic surge today, eclipsing the $65,000 mark.

Did Qatar Buy Bitcoin Worth Over $3 Billion?

The origin of the speculation traces back to September 2023 when The Emir of Qatar, His Highness Tamim Bin Hamad, made a notable visit to El Salvador and the country’s president Nayib Bukele. The visit, purportedly to discuss Bitcoin adoption among other investment avenues, sparked initial rumors, but failed to produce any official confirmation regarding Qatar’s Bitcoin engagement.

The Emir of Qatar has landed in El Salvador!

Agenda: #Bitcoin legal tender, mining, $BTC bonds, infrastructure investments?

What do you think? pic.twitter.com/7PX7JkuYv3

— Jake Simmons (@realJakeSimmons) September 13, 2023

Max Keiser, a prominent Bitcoin advocate and associate of El Salvador’s President Nayib Bukele, has been particularly vocal about the speculation. In a charged statement on X (formerly Twitter), Keiser exclaimed yesterday, “IT’S HAPPENING!!!,” followed by a bullish prediction of a “God Candle incoming” and explicitly mentioning President Bukele’s influence over the Emir with the phrase “ORANGE PILLED the Emir.”

Echoing Keiser’s enthusiasm, Anthony Scaramucci remarked, “Max is saying Qatar may have added Bitcoin to their balance sheet. If true, all we can say is thank you, Max Keiser!” This sentiment captures the high stakes and excitement within the BTC community regarding the rumor.

Thomas Fahrer, the mind behind Apollo, a platform aimed at accelerating Bitcoin adoption by providing authentic reviews, weighed in on the potential market implications: “The Qatar Central Bank holds ~ $80B USD in assets. If rumors of Qatar adopting BTC are true and they use just 5% of assets, that alone would send [the] price to $100K.” Fahrer’s analysis underscores the significant market movement such an investment could trigger.

Adding another layer to the mystery, Edward Snowden‘s cryptic forecast on X just four days ago hinted at a national government’s covert Bitcoin acquisition, saying, “Prediction: A national government will be revealed this year to have been buying Bitcoin—the modern replacement for monetary gold—without having disclosed that fact publicly.” Though Snowden didn’t name any country, his prediction adds fuel to the speculative fire.

Another piece of the puzzle is a wallet address dubbed “Mr100”. The crypto community’s attention has also been drawn to this mysterious BTC wallet in recent weeks, which has been frequently making Bitcoin purchases of approximately 100 BTC since November 2022.

The wallet now holds 51,164.74 BTC, worth $3.32 billion, according to data by BitInfoCharts. The activities of this wallet, coupled with its usage of Binance and KuCoin for transactions, hint at an entity outside the US, which in turn fuels the Qatar speculation.

At press time, BTC rallied past $65,000.